Kennedy-Wilson Holdings, Inc. announced has partnered with Kenedix, Inc. and Hulic Co., Ltd. to acquire The Danforth in Seattle for $173 million. The 265-unit multifamily community with Whole Foods as the sole ground-floor tenant builds on Kennedy Wilson?s significant multifamily presence in the Pacific Northwest that totals more than 13,000 market rate and affordable apartment units. The Danforth, a 16-story tower constructed in 2018, features 1-, 2-, and 3-bedroom layouts and access to Seattle?s newest Whole Foods Market on the ground floor.
The community offers expansive amenities including a Studio Fit fitness center, rooftop solarium and dog run, a resident lounge with shuffleboard and media center, a full demonstration kitchen, and a BBQ patio with multiple grills. Located at the intersection of Seattle?s First Hill and Capitol Hill neighborhoods, The Danforth is adjacent to the city?s best restaurants, nightlife, and largest employers. It is also positioned within Seattle?s largest hospital network, with a $1.3 billion expansion project set for completion by 2027 that will support a highly educated and well-compensated resident base.
Kennedy Wilson has a 10% interest, investing $6.6 million of equity in the core plus joint venture, and will serve as asset manager for the partnership and will earn customary fees.
